Fear of broker’s probe rips 1024pts off KSE 100-index

KARACHI: The Karachi Stock Exchange benchmark 100-index lost 1023.94 points or 3.05 percent to reach 32506.36 points and volume of 163,823,540 shares on first day of trading week, Monday.


In midday trading, Karachi Stock Exchange witnessed bullish trend on the first day of trading week as the 100-index dipped 1.17 per cent to 33139.25 points, by shedding 391 points.

Last week, the markets failed to gain traction despite S&P raising outlook on Pakistan to positive from stable and Moody’s flagging Pakistan’s improving external liquidity position in its latest report.

The main reasons were political uncertainty after the disqualification of the Railways Minster and rumours of heavy taxes in the next federal budget. However, the Oil and Gas sector attracted investors’ interest on hydrocarbon discoveries and recovery in international crude oil prices. Hence, the benchmark KSE-100 index closed 0.6 percent WoW down at 33,530 with trading activity dropping by 26 percent WoW to 187mn shares/day.

High and Low were 33541.59 and 32415.91 respectively. Total volume traded in the market was 235,315,020 shares with 333 total traded companies out of which 32 were up 287 were down and 14 were unchanged.

Refinery were the top traded sector with total traded volume of 24,262,600 shares. It was followed by Technology & Communication with a total traded volume of 24,734,500 shares..